The Delta independent., 1887-06-28
Lively Times in Wall street.

NEW York, June 24-This morning
the opening. was quiet and slow with a
most indefinite tendency and nothing what
ever tc hint at what was to come. The very
stiffness made the little bear talk sound
louder, and then strange stories began to
circulate. The first was that the grand
combination OF Gould, Field and Sage had
broken up, and this was tempered by an
other that seemed TO have ell the color OF
truth, that Gould had sent word to Field 10
LET Manhattan alone, TO stand from under
and LET the boys play with ii.
Further color TO the latter story was given
by the fact that customers were called up
by telephone and told tina. Manhattan was
n splendid short sale at l56 and il would
break wide open.
As for the other rumors they might as
well be dismissed at once. Cyrus W. Field
himself said that there was not the slight
est foundation for any Of them, and his
Ing any trouble, his father and Mr.. Gould
were never on better terms, and George
Gould said there was not a word of truth in
1t. Russell Sage said there was a splendid
lot of bargains offered and that ii was just
like picking up money ont of the gutter 10
buy stork now, while those who fooled
with Manhattan would be left very badly.
Nevertheless Manhattan, which usually
keeps its own quiet corner and says no
thing, proved to be the commander and af
ter White & Co. had taken about II, 600
shares. of which Borden sold 1000 at issi 10
1861. the market was fully supplied.
Menzesheimer offered 1t then and there
was not purchaser in the crowd. There
WAS no one to buy, and 1t was offered down
1ay before share was sold. Then n few
lots were taken, but the stock broke three
TO five points at time, until 1t dropped TO
lis, decline of AZ from the opening
figure.
People rushed to see Mr.. Gould, who said
he could see no reason for the decline, and
George again told them that the relations
OF the triumvirate were OF the most friend
ly nature ;that 1t was a trumped mp scheme
of Wall Street operators and that the sell
ing was caused by overlooking on the part
of the bears when money was tight
The break In Manhattan had only fairly
got under way when Is was reported tina,
Gould had called a large amount of loans,
occa sion 10 use the large amount of money
to-day. This was followed by report
that he had died, a very sudden fate after
the activity he had shown during the fore
noon.
About this time Gould told a reporter
who called that he was neither dead nor
sick. but was buying stocks, as he thought
the opportunity very good one. Never
theless these rumors led 10 FREQ selling Of
all the Gould properties and the panic be-
came serious when it was discovered that
there were no orders In Missouri Pacific, a
per cent. stock with a dividend due on
July 1. II had not been active or strong
for some time, but 1t scored clean drop
this forenoon from Los y to %, and be-
tween as and the lower figure there were
only few shares sold
Courage was regained In 4 measure in
the last hour and the market became ac-
tive and firm at an advance. Manhatt n
ran up TO 1Sd again, Missouri Pacific to 10S
and Western Union to ~.
Tho bond market was neglected and 1t
suffered less than might have been ex-
pected.
Exchange was quiet and without feat
urcs.
The general impression on the street
seems to be that Gould was responsible,
and more than likely 1t was the result of a
great bear movement when everything waa
unprotected and the stringeney Of money
made the weak holders cell ont The hro-
kerr. declined 10 sustatn them on suall mar
gins and they had to let 70.
Mr.. john Reif, cse,upiaa D,syellss ss the